"There's no need to be dramatic," Governor Julio Velarde
said in response to questions about the impacts of copper
prices. The low cost of mining in Peru will keep copper miners
here, even with the current price dip, he added.

"Companies can still offset their costs by leaps and
bounds," Velarde said. "That's why miners, despite current
prices, still want to roll out projects."

Peru expects to nearly double its copper output in the
coming years to 2.5 million tonnes in 2018, boosted by a handful
of new projects.

MMG said earlier on Wednesday that it is on track
to start commercial production in May or June of 2016 at Las
Bambas and will ramp output up to 400,000 tonnes of copper in
2017.

"We expect the increase in the volume of mining production
to partially offset the drop in prices," Velarde said. "The
contribution of mining to economic growth will be fundamental in
the next three years."